Undervalued Appraisals Creating Problems

The real estate market is recovering but still faces hurdles from tight
mortgage credit, but problems with a sizeable share of real estate appraisals
also are holding back home sales.

Most appraisers are competent and provide good valuations that are compliant
with the Uniform Standards of Professional Appraisal Practice. However,
appraisals generally lag market conditions and some changes to the appraisal
process have been causing problems in recent years, including the use of
out-of-area valuators without local expertise.

I recently have had two transactions fall apart because of undervalued appraisals.

For more real estate news and information in the Destin-Niceville-30A area, go to www.DestinHomeRealty.com or contact me at 850-305-6256.

 

Advertisements